Shell Floats Newfoundland Farm-in Opportunity at Orphan Basin

Shell Canada Energy is seeking a qualified company to carry Shell's portion of the costs associated with drilling an exploration well in the Orphan Basin to earn interest in the prosepct, reports IndigoPool.

The 2008 drilling is planned for EL-1077 and is the second exploration well in the basin. The first, Great Barasway F-66, was drilling in 2006-2007.

About 350 kilometers off the coast of Newfoundland, the eight Orphan Basin exploration licenses span approximately 21,250 square kilometers with waters ranging in depths from 1,500-3,000 meters.

Recoverable reserves are estimated at 250 to more than 750 million barrels of oil in the Orphan prospect.

Shell currently holds 20% working interest in the exploration licenses. Chevron holds 50% in the license, and Exxon Mobil and Imperial Oil both hold 15% interest and share operatorship.

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